More than a billion dollars in lost money waiting to be claimed by Australians

Up to $1.2 billion in lost money has been preserved in a government bank account, waiting to be claimed by countless Australians.

Across Australia there's $651 million of unclaimed money left sitting in bank accounts, $435 million in shares and $84 million in life insurance policies.

Amounts unclaimed range from less than a dollar to many thousands, with one person owed almost $2 million.

The most common reasons for unclaimed cash include moving house, not touching a bank account for seven years or more, or being unaware of a life insurance payout.

Over the past financial year, $158.4 million has been paid out to 25,000 people.

Australians are encouraged to visit ASIC’s Moneysmart website to investigate whether they are eligible to claim lost funds.